Wharton v. Fidelity-Baltimore National Bank

Niles,

Chief Judge of the Supreme Bench of Baltimore City, by special assignment, delivered the opinion of the Court.

The question presented in this case is whether a director of a corporation is an “employee” of, or “employed” by, or in the “employment” of the corporation. The case arises upon the interpretation of a restricted stock option agreement and related documents, under the terms of which the option is not exercisable until the holder “has been employed” by the corporation for a period of forty-eight months. 1

The principal facts are not in dispute, and the solution of the question…